Buffett's Berkshire trails S&P 500 by avoiding dividends

Berkshire Hathaway Inc.’s unwillingness to pay dividends has meant shareholders would have been better off with the S&P 500 Index during the past decade. A total-return version of the S&P 500 climbed 405 percent from the index’s March 2009 low through Thursday, according to data compiled by Bloomberg. Berkshire’s Class B shares, which are included in the index, rose 344 percent over the same period. Meanwhile, Warren Buffett’s company beat the S&P 500’s gain of 310 percent measured before payouts.